January 26, 2024
The Behavioral Economics of John Maynard Keynes Microfoundations for the World We Live In
Free Download Ronald Schettkat, "The Behavioral Economics of John Maynard Keynes: Microfoundations for the World We Live In"
English | ISBN: 1035329212 | 2023 | 184 pages | PDF | 3 MB
Keynes’ macroeconomic revolution is based on his microfoundations of economic behavior derived from ‘casual’ observations but impressively substantiated by rigorous research in behavioral economics and neurology. Ronald Schettkat argues that the allegation of the missing microfoundations in Keynes’ theory is false. Instead, both Keynes’ theory and behavioral economics relate to humans in ‘the economy we live in’, differing substantially in their fundamentals from the neoclassical model.
Showing that Keynes’ micro has much in common with Behavioral Economics, the book starts with the fundamentals ranging from the methodological approach to economics as a real versus an axiomatic science and the consequences for knowledge building methods (interviews, observations, experiments), the rationality and equilibrium concepts to the functioning of markets, before delving into the topics in greater detail.
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